Portuguese regulator grants bank its first crypto license

Portugal’s regulatory hurdle Banco de Portugal has granted Bison Bank permission to offer crypto services in the future.

  • Portugal’s Bison Bank has received permission from the local central bank (Banco de Portugal) to offer virtual asset services in the future.
  • This makes it the first bank in the country to receive the green light from the regulator.
  • On Thursday, April 14, Banco de Portugal updated its list of virtual asset service providers, adding “Bison Digital Assets” as the country’s fifth licensed crypto exchange.
  • The bank’s new services are initially reserved for high-net-worth individuals.
  • Portugal has long been considered a crypto-friendly country and crypto tax haven among crypto enthusiasts. No capital gains on cryptocurrencies have to be withheld since 2019, unless it is the only income.
  • Portugal, unlike other EU countries, already values cryptocurrencies as a means of payment or currency and not as an asset since 2019.

Picture by Pexels

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